“During my long life I have watched generation following generation, marching forward along those avenues of trade, science and learning that lead to success in life. Opportunities came to all these men. Some grasped theirs and moved steadily to the gratification of their deepest desires, but the majority hesitated, faltered and fell behind.”
- The Richest Man in Babylon
As we continue to explore how to apply the principles covered in The Richest Man in Babylon, we next move into a chapter called “Meet the Goddess of Good Luck.”
In this chapter, we learn that good luck does not exist for gamblers and procrastinators. Instead, it is the product of those who take action. You must put yourself in a position for good luck to find you. This can only be done through hard work.
Beginning traders have a tendency to chalk their losing trades up to bad luck, while taking the credit for their winning trades. This is similar to the gambler’s mentality, and it is sure to produce a losing trader in the long run.
In trading, good luck favors the traders who are able to do their homework and execute their strategies without any hesitation. That is the only way to trade profitably over the long haul.
My friend Steve Burns is a “lucky” trader because he logged hundreds (probably thousands) of hours studying other traders and honing his craft. He then formed a strategy and can execute it without ever second guessing himself.
Michael Lamothe from ChartYourTrade.com is able to find favor with “The Goddess of Good Luck” because he never, ever lets anything interfere with his job of getting his intesnse weekend analysis work done every single weekend.
If you want to be one of the traders that appears lucky to all of the unlucky traders, you have to be a trader of action. You have to do your homework and execute your strategy.